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On Tuesday, Fitch Ratings lowered the U.S. credit rating from AAA to AA+. The Fitch team explained the rating downgrade in their justification: "The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to 'AA' and 'AAA' rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions." According to Fitch, the management of fiscal and debt issues in the United States has been particularly problematic over the past 20 years. The back-and-forth and last-minute resolutions have tarnished the world's perception of how American politicians handle their financial duties. Fitch asserted that "tighter credit conditions, weakening business investment, and a slowdown in consumption will push the U.S. economy into a mild recession in 4Q23 and 1Q24." The 10-year forecast is also not very promising.

Who is responsible for downgrading the U.S. credit rating?
Fitch Ratings downgraded the U.S. long-term foreign-currency issue default rating from AAA to AA+, Tuesday.
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